A myth-busting article on innovation and what innovation means to our colleagues at Deloitte.
Innovation is defined as the introduction of a new method, idea, product. More often, people associate the word ‘innovation’ with a new product or technology. What is often overlooked is where innovation tends towards introduction or disruption of a method.
Naru Navele, Partner, Deloitte & Touche LLP, rightly points out, “[We] need to open [our] apertures around what we consider innovation.”
Another myth around innovation is that quite often being innovative is associated with a creative and eccentric streak. However, innovation isn’t always about technology and invention. It’s also about ingenuity of reevaluating and recombining existing assets and know-how in new ways to maximize their value. Innovation is also, re-thinking how an activity is done, contributing small ideas which helps solve clients’ problems.
Stats suggest innovation is seen as a strength of the digitally maturing organization. In Naru’s words, “In the business Deloitte is in, to innovate is must to survive.”
At Deloitte, innovation is a top priority for the organization. As we transform the way we serve our clients, develop our people and lead our industry, we are investing more time, and resources than ever before. Only by doing that can we expand the opportunities for innovation to digitize and transform our own and our clients’ businesses.
To quote Naru, “Innovation can come from anybody, anywhere.”
Echoing Naru’s thoughts is Lyndonjohn Pinheiro, Senior Manager, Deloitte & Touche LLP. He puts it as, “[Our aim is to] make everyone think about innovation on a day-to-day basis—why am I doing an activity in a particular way, is there a better way to do it?—and that will help us drive innovation and create a culture where everybody is part of this journey.”
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About the author:
Naru Navele leads Deloitte Risk and Financial Advisory's strategy and operations in India. He specializes in the financial services industry focusing primarily on banks and insurance companies.